Howdy,

Is there such an account anywhere that I can open with my wife that requires both of our signatures for any withdrawals? We will soon be receiving a decent amount of money from investment property and have decided this is the best way for us not to spend it. Checking, savings, etc...is there anything out there that will work?

don't you and your wife trust each other enough to just leave it alone?

Helpful responses only please.

I'm trying to help. your marriage.

sts7049 said:

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don't you and your wife trust each other enough to just leave it alone?

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if you transfer it to bitcoin, then neither of you would be able to use it...

Put it in a trust with an independent 3rd party as Trustee?

If you're just looking for a way to ensure self control (i.e not needing true legal protection over the funds) you should be able to set up a joint AND account at most banks. An AND account technically requires dual authorization as opposed to a typical joint OR account where either party can access the funds. That said, some banks aren't super strict in enforcing dual signature authorities so I'd also recommend not ordering checks or a debit card on the account.

littlebitofhifi said:

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If you're just looking for a way to ensure self control (i.e not needing true legal protection over the funds) you should be able to set up a joint AND account at most banks. An AND account technically requires dual authorization as opposed to a typical joint OR account where either party can access the funds. That said, some banks aren't super strict in enforcing dual signature authorities so I'd also recommend not ordering checks or a debit card on the account.

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Yep, I haven't found a bank or credit union that will actually do that. That's what I'm looking for though.

I had one for a non-profit at Capital One for awhile but that's been about 5 years ago. Used to be a common offering, but maybe that's changed. Good luck!

Generally you can request/force dual authorization/signatures on business accounts which is what a non-profit account should be setup under not as a personal account which I think is what the OP is really wanting.

So open a business account with no business or non profit organization?

Why don't you just put it in a CD at a fixed rate for 12 or 24 months? Then just keep rolling it over, if you don't need it.

We need liquidity. We will be reinvesting in real estate when we find the right property. Not sure when that will be.

Mr. Snerdley said:

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littlebitofhifi said:

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If you're just looking for a way to ensure self control (i.e not needing true legal protection over the funds) you should be able to set up a joint AND account at most banks. An AND account technically requires dual authorization as opposed to a typical joint OR account where either party can access the funds. That said, some banks aren't super strict in enforcing dual signature authorities so I'd also recommend not ordering checks or a debit card on the account.

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Yep, I haven't found a bank or credit union that will actually do that. That's what I'm looking for though.

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Set up a normal OR account, but tell the wife it's actually an AND account?

How smart is she?

Ally (and I'm sure others) have a no penalty CD. Limits access, earns a little, but still gives access to withdrawal the full balance when you're ready to buy.

Mr. Snerdley said:

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We need liquidity. We will be reinvesting in real estate when we find the right property. Not sure when that will be.

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Then try an online bank money market fund that limits the number of transactions you can have per month? Cut up the debit card, if one is even provided. I have a Capital One account that's earning pretty good interest. I can move money around electronically, but I think it's limited to 6 transactions per month. If having the money in a totally separate bank from where you pay your bills and not having a debit card doesn't keep your discipline in check, I'm out of suggestions.

IIRC, Joint Tenants brokerage accounts (usually With Rights of Survivorship) generally require only one signature for transfers. Tenants in Common brokerage accounts may require signatures for all named owners because each Tenant can allocate beneficiaries away from the other named owners. Again this is for brokerage accounts, not sure its applicable for banking accounts.

eta: basically what I am saying is to ask your banking/broker relationship to open a TIC account for you and your wife if meets the signature requirements you're looking for

I can't imagine being responsible enough to own investment real estate, yet irresponsible enough to where you require dual signatures between you and your wife because you lack self control.

Why couldn't the marriage be a business arrangement?

Farmer @ Johnsongrass, TX said:

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Why couldn't the marriage be a business arrangement?

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I mean it could, but if you're actively looking for the property which it sounds like it they are, it's sounds insane. The amount of hate involved to spend that money would be high.

Why not just have the funds from the sale in a special savings account on their own that you never deposit or withdraw from?

Nice look, B&I. Don't come here for advice.

Okay I stand by my first suggestion. If your end goal is to purchase real estate then you can have the trust buy the real estate and an independent 3rd party can be in charge if neither party of the contact (marriage) can be trusted not to spend the money on something else.

relax. my first response was honest and not a dig at him. its helpful to understand why the OP was asking for this arrangement in the first place.

Beyond the spot on recommendations for a marriage counselor, I think your best bet is to use two factor authentication on just a normal savings account. One party gets to set the password. The other party has their phone/private email as the second authentication.

Congrats on your trust but verify approach to your marriage.